Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic.
Clicks: 197
ID: 171572
2020
Controlling for the polarity and subjectivity of social media data based on the development of the COVID-19 outbreak, we analyse the relationships between the largest cryptocurrencies and such time-varying realisation as to the scale of the economic shock centralised within the rapidly-escalating pandemic. We find evidence of significant growth in both returns and volumes traded, indicating that large cryptocurrencies acted as a store of value during this period of exceptional financial market stress. Further, cryptocurrency returns are found to be significantly influenced by negative sentiment relating to COVID-19. While not only providing diversification benefits for investors, results suggest that these digital assets acted as a safe-haven similar to that of precious metals during historiccrises.
| Reference Key |
corbet2020anyeconomics
Use this key to autocite in the manuscript while using
SciMatic Manuscript Manager or Thesis Manager
|
|---|---|
| Authors | Corbet, Shaen;Hou, Yang Greg;Hu, Yang;Larkin, Charles;Oxley, Les; |
| Journal | economics letters |
| Year | 2020 |
| DOI | 10.1016/j.econlet.2020.109377 |
| URL | |
| Keywords |
Citations
No citations found. To add a citation, contact the admin at info@scimatic.org
Comments
No comments yet. Be the first to comment on this article.